Paxtradings Crypto Minute: March 28, 2018

The China Banknote Blockchain Technology Research Institute has announced the first government-built blockchain-as-a-service (BaaS) platform, called the Blockchain Registry Open Platform (BROP). According to ETHNews.com, BROP is a platform that enables users to prove their identities, search, share, and authenticate information on the blockchain. The research institute claims that the goal of the platform is to foster “trusted collaboration.”

Kakao Confirms New Blockchain Development Division, But Denies It Will Conduct an ICO

Kakao, the large South Korean internet company, has confirmed it is setting up a new blockchain subsidiary but has denied it is planning an ICO. According to CoinDesk, the company clarified that it launched a new division called Ground X to “start developing a blockchain-powered platform for completion within the year.” Kakao’s co-CEOs Joh Su-yong said at a recent press conference, “We will continue to explore our growth potential by seamlessly integrating services among Kakao companies and actively building presence in the global market.”

Circle Claims It Has Reached Profitability

Circle Internet Finance Ltd., a mobile payment and cryptocurrency startup backed by Goldman Sachs Group Inc., has claimed that it has reached profitability. According to Bloomberg, the startup has hired a former Boxed Wholesale executive, Naeem Ishaq, to lead its finance and risk management efforts. Circle is also planning to increase its workforce from 150 to 400.

Spring Labs Announces $14.75 Million Raised in Seed Round Funding

Spring Labs has announced it has raised USD 14.75 million in a seed funding round led by August Capital. According to CoinDesk, other unnamed software- and blockchain-focused capital firms also participated in the seed funding round. The funds will be used to develop the startup’s smart contract-powered identity and credit information platform.

Bitcoiin2Gen Announces Departures of Founding Team and Steven Seagal Following Conclusion of ICO

Bitcoiin2Gen has announced that its founders and brand ambassador, actor Steven Seagal, are leaving the organization following the completion of the organization’s ICO. As reported by CoinTelegraph, the Bitcoiin2Gen team claims that the departures will occur to keep the cryptocurrency truly anonymous. After facing accusations of being a pyramid scheme, the team claimed that the project’s “pyramid-shaped commission structure of the staking and referral program would only be operational during the ICO.”